IT exports surge 40.7% YoY to $332m in May

MG News | June 21, 2024 at 05:13 PM GMT+05:00
June 21, 2024 (MLN): Telecommunications, Computer, and Information Services made the largest contribution to the export of services with an amount of $332 million in May, witnessing an increase of 40.68% YoY compared to exports worth $235m in May 2023.
The service sector of Pakistan posed a trade deficit of $193 million in May, reflecting an increase of 3.21% MoM, as compared to a deficit of $187m recorded in the previous month, the latest data released by the State Bank of Pakistan (SBP) showed.
Comparison on a yearly basis shows that the country reported a deficit of $342 m in trade of services in the Same Period Last Year (SPLY).
Details made available by SBP further revealed that the exports of services in May went up by 7.84% YoY to $688m compared to $638m in May 2023.
Similarly, on a month-wise basis, exports rose by 6.5% MoM compared to the figures for April 2024.
Cumulatively in 11MFY24, services exports climbed by 1.18% YoY to $6.442bn compared to exports of $6.367bn in 11MFY23.
Amongst the total exports in the review month, Other Business Services held the second position, bringing $116m in May into the country.
In terms of growth, receipts from the exports of this section went down by 21.62% YoY compared to $148m in the same period last year.
On a sequential basis, other business services surged by 11.54% MoM compared to exports of $104m in April 2023.
Furthermore, the export of transport and travel services contributed an amount of $57m and $66m, respectively in the review period.
The imports of services during the year amounted to $881m, which rose by 10.1% YoY compared to imports worth $980m in SPLY.
On a monthly basis, imports have increased compared to $833m recorded in the previous month.
Going forward, the imports during 11MFY24, stood at $8.348bn, up by 20.78% YoY compared with the number during 11MFY23.
Amongst the total imports, the largest expenditure was incurred on Transport for an amount of $368m, witnessing an increase of 6.05% YoY and 5.44% MoM.
The Travel services cost the country around $209m, recording a decline of 46.95% YoY and 1.42% MoM.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 138,597.36 256.32M | -0.05% -68.14 |
ALLSHR | 85,286.16 608.38M | -0.48% -413.35 |
KSE30 | 42,340.81 77.13M | -0.03% -12.33 |
KMI30 | 193,554.51 76.19M | -0.83% -1627.52 |
KMIALLSHR | 55,946.05 305.11M | -0.79% -443.10 |
BKTi | 38,197.97 16.53M | -0.59% -225.01 |
OGTi | 27,457.35 6.73M | -0.94% -260.91 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 117,670.00 | 121,165.00 117,035.00 | -1620.00 -1.36% |
BRENT CRUDE | 69.23 | 70.77 69.14 | -0.29 -0.42% |
RICHARDS BAY COAL MONTHLY | 96.50 | 0.00 0.00 | 2.20 2.33% |
ROTTERDAM COAL MONTHLY | 104.50 | 104.50 104.50 | -0.30 -0.29% |
USD RBD PALM OLEIN | 998.50 | 998.50 998.50 | 0.00 0.00% |
CRUDE OIL - WTI | 66.03 | 67.54 65.93 | -0.20 -0.30% |
SUGAR #11 WORLD | 16.79 | 17.02 16.71 | 0.05 0.30% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|